This month’s Newsletter is being written just after I returned from driving for 3 weeks through Colorado, Wyoming, Montana and Idaho. Although this was not a business trip, I was very interested in the state of the real estate market in each of these areas, where it is now ‘high season.’ What I found was that these other high-end resort areas are feeling the market slowdown, similar to what we are feeling in the desert.

I visited Fort Collins, CO, Jackson Hole, WY, Big Sky, MT and the Flathead Lake area of MT. All of these areas are incredibly beautiful, with spectacular golfing, skiing and scenery. In talking with luxury home specialists, there is still a high level of uncertainty and a lack of consumer confidence in these markets. With the summer season almost over, they are hoping for stronger winter sales in the ski resorts. At The Yellowstone Club, in Big Sky, MT, they are feeling that they are poised for a recovery, now that both ownership and management of the Club have changed and financial stability restored.

So, this being the middle of August in the desert, our market is very quiet, even when compared to past ‘normal summers.’ Yes, there are some homes selling, largely at reduced or bargain prices. The inventory of homes for sale has been reduced, mostly because many Sellers take the summer off. Expect to see an increase of inventory coming into the season, and many of these homes will be at reduced prices from spring, as Sellers are finally adjusting to market conditions.

This month I have included the following items you might find interesting:

•	'Home Prices Rise Across the U.S.' Major cities registered the 1st monthly gain in nearly 3 years
•	'The Eye of the Storm has Passed' Forbes Intelligent Investing Panel
•	'Factors That Do Not Affect the Value of Real Estate' Realty Times
•	4 Bank Owned Homes for Sale above $1 million in the Desert: 2 in La Quinta and 2 in Palm Springs.
•	The 10 Most Expensive Homes Sold in the Desert in July 2009: According to the Desert Area MLS, these 10 homes ranged in price from $1.85 million to $5.9 million.
•	Mortgage rates as of 8/15/09.

I hope you find this information informative and helpful. Please contact me with any input or questions you might have, 760.779.1653 or send an email to Bruce@BruceBlomgren.com.

Sincerely,
Bruce